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What is Importance of Tariffs in Trade Policy about?
Tariffs are taxes imposed on imported goods. While they provide protection to domestic industries in the short-run, they also have economic costs. Tariffs benefit producers but hurt consumers and create deadweight losses. The effective rate of protection can be higher than the nominal tariff rate due to tariff escalation. Tariffs redistribute income from abundant to scarce factors of production according to the Stolper-Samuelson theorem. Overall, economies experience net losses from tariffs through higher p
- Author
- yashd99
- Language
- EN